Today, Elice Group, a South Korean company specializing in AI cloud infrastructure and data center services, made its official debut on the KOSDAQ market in South Korea. However, its share price took a nosedive on the first day of trading, plummeting by as much as 32%. Earlier this month, its competitor Firmus scrapped its much-awaited listing plan, a decision that undoubtedly cast a shadow over investors in the artificial intelligence sector. According to reports, this cloud service provider based in Seoul had initially aimed to raise KRW 201 billion (roughly USD 151 million) through its Initial Public Offering (IPO). Had it succeeded, this would have marked the largest IPO deal on the exchange for the year to date. Elice set the offering price at KRW 90,500 per share, at the upper limit of the previously disclosed pricing range. Following the listing, its total market capitalization is projected to surpass KRW 1 trillion.